Is there ever a ‘right’ time to buy property?
Buying a home is probably one of the biggest purchases we will ever make in our lives. There is no doubt it is a major undertaking and one that is important to think about carefully. This is not just limited to people who buy homes to live in personally, either.
Investing in property is a popular choice for many looking to put some of their spare cash to work. If you plan to invest in bricks and mortar, it is crucial to think carefully before going ahead. In fact, investing in property can involve thinking more deeply about your purchase because you expect to make a financial return from it – either when you sell it on or from renting it out.
One thing that can be worth thinking about is when the right time is to buy property. But is there ever really a right time to act?
Rising inflation can be positive
Inflation is a key indicator in the US national economy and rising inflation is something that could signal a good time to purchase property. To really get up to speed with this, finding out what causes inflation and what impact inflation levels have is critical.
Although rising inflation might not be great for consumers or even the national economy overall, it can be a good time to buy. This is because the value of any house you purchase could rise in line with higher future inflation levels. In addition, higher inflation can lead to rental incomes rising for investors and a better return overall.
Spring can be a good time to buy
Just as tips for looking after a swimming pool come in useful for anyone who buys a property with a pool, looking into when to buy a house is also worthwhile.
With this in mind, it is worth thinking about what time of year to act. It is generally accepted that spring is the optimum time because this is when most properties come onto the market. Due to this increased supply, you can get some really good deals
In addition, many people selling homes like to complete deals in the spring because it means they can move when the weather is good and be in their own new home for summer. This can again see you pick up some great deals from people eager to sell. It can therefore be worth targeting March, April and May as the months to pick up property.
Buying in a deflated housing market
When people talk about timing property purchases, they are usually thinking about buying low and seeing the value of their property increase over time. This is naturally true for anyone who invests in this asset. But how is it possible?
It all comes down to buying property when the market is low and prices are down. You can often get some great deals by doing this, as lots of value can be added when property prices eventually rise once more. Be warned though – timing the market in terms of price is not as easy as it sounds and there is no guarantee of the value of your property going up in future. If you do time it right, though, the rewards can be very generous.
Look for upcoming areas and locations
When it comes to the right time to buy property, it can also pay to look at areas or locations that are becoming popular. This might be due to regeneration projects that have brought better schools, more wealth and good facilities to an area, or it could be new property or business developments helping an area improve suddenly.
As the list of places in the US to consider buying property in 2023 shows, there is a lot of choice out there! It is therefore key to do your own due diligence and your own research into the top region, city or town to buy in before making any purchase. If you do time it right and buy before the market in your chosen area really takes off, you could see a massive increase in value moving forward.
Is there a ‘right’ time to buy property?
For people looking to invest in real estate, the question of when to time their move into the market looms large. While there are no guarantees in terms of timing, the discussion here shows that there are a few options when it comes answering this question. If you are looking for a few handy tips in this area, the points we raise should give you food for thought.